Khatri's bronze is the third medal for Oman in Baku with the other two medals, a silver and a bronze, also bagged by shooters.
Khatri, who was the only shooter in the men's category for Oman at the 2016 Olympics in Rio de Janeiro, finished behind two Iranians on the podium.
Pourya Norouziyan won the gold with 454.6, while his countrymate, Hossein Bagheri, shot 451.1 for the silver.
Khatri scored 440.3 for a place on the podium after qualifying with a fourth-place finish. His teammate Abdullah al Habsi came ninth in the qualifying to miss a place in the final by a mere point.
Three other Omani shooters - Ismail al Abri, Jamal al Hattali and Muad al Balushi - failed to advance in the final of the 10m air pistol event, while the women shooters, Wadha al Balushi and Sahir al Jahmani, failed to advance in the 10m air pistol.
In athletics, Oman's star sprinter Barakat al Harthi clocked 10.29 seconds to win his preliminary round heat to advance to the semifinal of the 100m race, while his teammate Khalid al Ghailani timed 10.68s to finish third and advance to the semifinal round. Bahrain's Andrew Fisher clocked the fastest in the heat with a time of 10.20s.
There was early exit for Oman's two taekwondo players as Aadil al Wahaibi lost 7-20 to Sukhrob Bobobekov of Uzbekistan in the -54kg round and
Morocco's Omar Lakehal beat Mohamed al Mahruqi 26-18 in the -58kg round-of-16 contest.